How To Avoid Art Fraud

February 12, 2016

There are many different ways in which you can invest your money. While the most obvious way would be to place your money into a savings account, investing in stocks and shares is a very popular way to get a good return for your cash. The only problem with this sort of approach is that it can be quite dull and boring. Knowing that you are going to get a decent return in the future is all the excitement that some people but there are also plenty of people who would prefer to have some form of return or pleasure from their cash in the short to medium term.

This is where finding an investment that offers you some form of return can be of benefit. If you are looking to have some fun while impressing others, you should think about investing in art. Investing in art can give you a great talking piece, it can help you to feel as though you are supporting artists and all in all, it can help you to great a good return on your initial investment while still making the most of your cash in the short term.

The problem comes with the fact that more and more people are aware of the importance of investing in art and whenever there is an opportunity to make money, people will get involved. This means that art fraud is on the rise and a lot of people who felt they were using their money in a sensible way have found that their investment is worth nothing.

This is why knowing the best way to act and conclude art transactions will be of benefit if you are looking to invest your money in this manner.

How To Avoid Art Fraud

One great way to invest in art is to deal with people in your local area

First of all, if you meet with someone in your local area, you will have a greater chance of meeting yup with them again or pursuing them if the deal goes wrong. If you are contacted or put in touch with someone who stays a very long distance from you, you should always be wary of doing a deal with them. It may be that the only way you can do a deal is with someone who is located far from you but in an ideal situation, you would do a deal with someone who lives locally to you.

One of the strong reasons for doing business with someone local to you is that you can carry out research. If a person is a well-known name in the local arts community, it is more likely that they can be trusted. If someone in the local area has caused problems or been involved with dodgy art dealings in the past, it is likely that other people will know about their behaviour. When you deal with local people, the research process becomes a lot simpler, and this is an important aspect of investing. If you are keen to make the most of your investment, carry out research and make sure that you feel confident about what you are spending your money on.

Do not send money to people you don’t know

One of the most common ways that fraud is carried out is when people are asked to transfer or wire funds back to the person that is buying or selling art. This is a very common tactic when dealing with scam artists and there are plenty of reasons why people will tell you that this is a necessary step. If something seems suspicious to you, stop and question what you are doing. Even if the person involved with the process is insistent on how the activity has to take place, don’t undertake the deal in a manner that you feel uncomfortable with.

You should also take time to check how you receive payment. If you receive payment in a cashier’s cheque or in a money order, look to make sure it is for the right amount. You will often find that fraudsters will pay over the odds “by accident” and then ask for the excess funds to be returned to them. After a period of time, your bank will find that the initial cheque will be fraudulent which means that you will be responsible for the funds, which means you lost the piece of art and all of the money.

Investing in art is a sensible way to have some fun while aiming to bring in money in the future, but you may find that people will try and scam you. Given the large sums of money involved, there are plenty of art fraud specialists to turn to, and if you have been a victim, make sure you call on the experts. There is also a lot to be said for conversing with the professionals before you conclude a deal to give yourself the best chance of avoiding being a victim of fraud.

Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 9 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.